New Trends of Thermoformed Plastics Market Key Trend Analysis by 2025

Globally, increasing demand for medical and pharmaceutical products has been a major factor driving market growth. Also, growing healthcare industry has led to rising demand for thermoformed plastics.

The Global Thermoformed Plastics Market is expected to reach USD 16.28 billion by 2025, according to a new report by Grand View Research, Inc.

Rising demand in various application sectors including food packaging, automotive, healthcare & medical, electrical & electronics, construction, and consumer goods & appliances owing to cost efficient nature is projected to propel the market over the coming years. Rapid industrialization, infrastructural, and medical activities is anticipated to augment the market growth from 2017 to 2025.

Thermoforming is a process where a sheet of plastic is heated to make it flexible then fabricated and molded in required shape to make it a usable product. Different methods used for processing thermoformed plastics are thin gauge thermoforming, thick gauge thermoforming, plug assist forming, and vacuum snapback.

Thin gauge thermoforming was projected to be the largest segment over the forecast period with a market share of 35% in terms of revenue in 2016. High labor cost and fluctuation raw material prices are major factors which negatively impact the market growth.

Asia Pacific is the fastest growing segment with potential growth opportunities. Rising demand from industries such as automotive, medical, food packaging, construction, and pharmaceuticals in this region is expecting to boost the market over the forecast period.

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North America is expected to observe the significant regional segment over the next eight years with an estimated CAGR in terms of revenue of around 4.8% from 2017 to 2025. Increasing manufacturers and suppliers of thin gauge thermoforming plastics in this region such as Placon, Vitalo, Peninsula Plastics, among others is anticipated to spur the market growth.

Top Players of Thermoformed Plastics Market:

Key players including Pactiv LLC, D&W Fine Pack LLC, Genpak LLC, and Sonoco Plastics dominated the global thermoformed plastics market accounting for significant share of the total volume in 2016.

Market Segmentation of Thermoformed Plastics Market:

The Global Thermoformed Plastics Market segmented on the basis of Product, Process, Application, and Region.

By Product:

    Polymethyl Methacrylate (PMMA)
    Bio-degradable polymers
    Polyethylene (PE)
    Acrylonitrile Butadiene Styrene (ABS)
    Poly Vinyl Chloride (PVC)
    High Impact Polystyrene (HIPS)
    Polystyrene (PS)
    Polypropylene (PP)

By Process:

    Plug assist forming
    Thick gauge thermoforming
    Thin gauge thermoforming
    Vacuum snapback

By Application:

    Healthcare & medical
    Food packaging
    Electrical & electronics
    Automotive
    Construction
    Consumer goods & appliances

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